Published Date: 21-Feb-2023
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According to a new report, published by KBV research, The Global Transportation Analytics Market size is expected to reach $37.4 billion by 2028, rising at a market growth of 18.7% CAGR during the forecast period.
The Traffic & Incident Management segment acquired maximum revenue share in the Global Transportation Analytics Market by Application in 2021 thereby, achieving a market value of $15.1 billion by 2028. Congestion on the roads and accidents brought on by improper management of traffic may be alleviated with the use of technologies like video management software that includes video analytics as an integrated feature. In addition to this, the application of analytics to traffic management will assist in the reduction of carbon emissions produced by automobiles, resulting in traffic solutions that are favorable to the environment.
The Cloud segment is showcasing a CAGR of 19.2% during (2022 - 2028). The expansion of the market is driven by a number of factors, one of which is the increasing popularity of cloud-based transportation analytics as a result of their lower costs and simpler maintenance requirements. In addition, it offers flexibility and scalability to enhance business operations, which is what drives the development of the transportation analytics market.
The Descriptive segment is leading the Global Transportation Analytics Market by Type in 2021 thereby, achieving a market value of $18.6 billion by 2028. The growing acceptance of big data, which has led to increased amounts of data created, and improvements in digital technology led to descriptive analytics having the greatest market share in 2019. This was due to the fact that descriptive analytics were able to better describe the data. The majority of market participants are now providing descriptive analytics as part of an integrated package that also includes solutions for predictive and prescriptive analytics.
The Services segment has shown the growth rate of 20.8% during (2022 - 2028). The implementation of transportation analytics improves software, increases the value of existing installations by optimizing them, and reduces the costs and risks associated with deployment, amongst other benefits, all of which contribute to the expansion of the market for transportation analytics in this particular segment. In addition to this, it is anticipated that the market will expand as a result of the growing demand for commercial vehicles all over the world.
The Airways segment is poised to grow at a CAGR of 19.6% during (2022 - 2028). It may be possible to build predictive models with the use of sophisticated technologies like machine learning and artificial intelligence (AI), which may then enable the airport to improve its strategic planning and resource distribution. These trends provide a significant number of potential for the expansion of the market throughout the period covered by the projection.
The Europe market dominated the Global Transportation Analytics Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $12.9 billion by 2028. The North America market is exhibiting a CAGR of 18.2% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 19.3% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/transportation-analytics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, INRIX, Inc., Indra Sistemas, S.A., Cubic Corporation (Veritas Capital Fund Management, LLC), TomTom N.V., Siemens AG, Alteryx, Inc., Kapsch TrafficCom AG (Datax Handelsgmbh), Trimble, Inc., and Cellint Traffic Solutions Ltd.
By Deployment Mode
By Mode of Transport
Unique Offerings from KBV Research
North America Transportation Analytics Market size & Opportunities 2022-2028
Europe Transportation Analytics Market & Growth Forecast 2022-2028
Asia Pacific Transportation Analytics Market Share & Industry Outlook to 2028
LAMEA Transportation Analytics Market Growth, Trends & Forecasts 2022-2028